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The Humble Address of the House of Commons to the King

01/07/1721

Printer / Publisher: J. Tonson in the Strand, B. Lintot in Fleet-street, and W. Taylor in Pater noster-Row 
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No Pages: 2
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The Humble Address of the House of Commons to the King

Date of Article: 01/07/1721
Printer / Publisher: J. Tonson in the Strand, B. Lintot in Fleet-street, and W. Taylor in Pater noster-Row 
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Volume Number:     Issue Number: 
No Pages: 2
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[ 34i ] Numb, 167 The Humble ADDRESS of the House of Commons to the KING. July 1721 . Most Gracious Sovereign. WE Your Majesty's most Dutiful and Loyal Subjects, the Commons of Great Britain in Parliament assembled, being sensibly affected with the Misery and Calamities that have befallen great Numbers of Your Majesty's faithful Subjects. occasioned by the heavy Losses they have sustained from the fatal Execution of the late South Sea Scheme; and taking into our serious Consideration the low State of publick and private Credit, which it seems impossible to us should ever revive, under the present uncertain and un- settled Posture of Affairs, have come to several Resolutions, which we humbly beg Leave to lay before Your Majesty, and are as follow : Mercurii 3 die Maii, 1721. Resolved, That, for the Re- establishing of Publick Credit, Relief be given to the South Sea Company with regard to the Payment of the Four Millions One Hundred and Fifty Six TI10u- sand Three Hundred and Six Pounds Four Shillings and Eleven Pence, and the Four and Half Years Purchase, and One Year's Purchase upon several Annuities, and other National Debts, the said Company giving such Consideration to the Publick, and such further Relief to the several Proprietors and Persons concerned in interest with the said Company, as this House shall think proper. Veneris 9 die Junii, 1721. Resolved, That, for the Re- establishing of Publick Credit, and quieting the Minds of His Majesty's Subjects, the several Properties and Interests new depending and concerned with the South Sea Company, be ascertained and settled. Resolved, That, in order to put an end to all Disputes between the South Sea Company and the Proprietors of the Redeemable Funds subscribed into the said Company, and for the farther Relief of the said Proprietors, and the Proprietors of the Second, Third, and Fourth Money Subscriptions, who have now Stock allowed them at the rate of Four Hundred per Cent, with the last Midsummer Dividend of Ten per Cent, in Stock, an Addition after the Rate of Thirty Three Pounds Six Shillings and Eight Pence Stock upon every Hundred Pounds Stock already allowed, be given by the South Sea Company to the Proprietors of the said Redeemable Fund:, and to the Proprietors of the Second Third, and Fourth Money Subscriptions. - Resolved, That the Sum of Four Millions One Hundred Fifty Six Thousand Three Hundred Forty One Pounds, with the Four Years and Half, and One Year's Purchase, payable to the Publick by the South Sea Company, be remitted, so as from the Twenty Fourth of June 1721 Two Millions of tbe Capital Stock of the said Company be reduced and annihilated, and a pro- portionable Part of their Annuity or Yearly Fund, in respect of the said Two Millions, from that Time cease. Refolvtd, That the Second Subscription of the Irredeemables, as well the Long Annuities as the Annuities of Nine Per Cent. Prize Lottery Tickets, and Blank Lottery Tickets, be made- e- qual to the First Subscription of the like Annuities and Tickets, by an Addition of Stock at One Hundred and Fifty per Cent. Resolved. That all the Capital South Sea Stock belonging to the Company in their own Right, which, after the proposed Distribution made, shall remain undisposed of, be divided among all the Proprietors of the said Company, in proportion to their several and respective Interest therein and that Credit be given them for the same in the Books ot the said Company. Maris 13 die Junii 1721. Resolved. That such Persons as have borrowed money from the South Sea Company upon South Sea Stock, actually Transferred and Pledged at the time of borrowing to or for the Use of the said Company, shall, upon Payment of Ten per Cent, upon the respective Sums so bor- rowed, at a time or times to be limited, and not otherwise, be discharged from all further Demands of the said Company in respect of the Monies so borrowed; and that all the Stock so Transferred and Pledged, together with all Dividends and Profits thereto belonging res- pectively, be absolutely vested in the said Company. Resolved, That such Persons as have borrowed Money from the South Sea Company upon Subscription Receipts actually Pledged to the said Company at the time of borrowing. shall. upon Payment of Ten per Cent, upon the respective Sums so borrowed, at a time or times to be limited, and not otherwise, be discharged from all further Demands respect of the Mo- nies so borrowed; and that all the Subscription Receipts so Pledged, together with all Divi- dends and Profits thereunto belonging be absolutely vested in the said Company. Mecurii 5 die Julii, 1721. Resolved, That all Contracts for the Sale or Purchase of Subscriptions or Stock of the South Sea Company, or any other Company or Corporation, or pretended Company or Corporation, which shall be unperformed or no: compounded on or before the Twenty Ninth Day of September next, be entred in Books to be kept for that purpose by the respective Companies or Corporations, before the First Day of November next, or else to be void; and that such En- tries shall express for whose Use and Benefit such Contracts were made. Resolved, That no special Bail be required in any Action brought, or to be brought, up- a any Contract made since the First Day of December 1719, and betore the First Day of De- cember 1720, for the Sale or Purchase of any Subscription or Stock of the South Sea Compa- ny, or any other Company or Corporation, or pretended Company or Corporation Resolved, That no Execution be awarded upon any Judgment obtained, or to be obtained, in any Action brought, or to be brought, upon any Contract, for the Sale or Purchase of any Subscription or Stock of the South Sea Company, or any other Company or Corporation, or pretended Company or Corporation, until the end of the Session of Parliament which shall be next after the Twenty Ninth Day of September next. 8 G resolved, [ 34* 1 Resolved That all contracts for the Sale or Purchase of any Subscription or Stock of the South Sea Compmy, or any other Company or Corporation, which shall be unperformed or not compounded on or before the Twenty Ninth Day of September next, where the Seller, or the Person on whose behalf such Contract was made, was not, at the time of such Contract, or within a time to be limited, actually possessed of or intitled to such Subscription or Stock, shall be declared null and void. When we first entered upon the Consideration of this extensive and perplexed Affair, we thought it most advisable to leave every Man's Property to be determined by due Course of Law and were of Opinion, That no Relief or Abatement could properly be presented or given, but from the South Sea Company. But the Discontents of the People daily increasing, and the uncertain and doubtful Events that threatned very great and valuable Properties creating such infinite Anxieties and Dissatisfaction, as had a most fatal and general Influence upon all Publick and Private Credit, the Interposition of Parliament became unavoidable, and we found our selves under a necessity of resuming the Consideration of this nice and intricate Matter, and to endeavour to remove, as far as possible, the chief and greatest Inconveniencies. The great Difficulty in remedying these Mischiefs seemed to arise from the several contend- ing Interests ingaged in the South Sea Company, which made it impossible to give Relief to some, but at the Expence of others; and as all the new Proprietors, as well those concerned in the Publick Funds, as the other Adventurers', were equally imposed upon by the Artifices of the late Directors, and equally drawn in by their own too great Credulity, and Desire of Gain, To have discharged any particular Sett, had been not only an Injustice to the rest, but by dissolving the whole System, had involved them in utter Ruin, which made a Distribution of Losses, and some Abatement to all, absolutely necessary. It was indeed very much to be wished, That such Ease could have been given to the Proprietors of the Publick Debts, as would have made their Property as valuable to them as they had enjoyed it for many Years; but as they had voluntarily consented to take Stock at some rate or other, even at the time when they saw the Siock raised to the highest Pitch, the giving Stock at one and the same. Price to them, and all others, that were most immediately concerned, makes the Provision as Just and equitable as the Nature of the thing will admit: It being impracticable so far to re- concile the different Interests in this general Concern, as to make the Conditions of those e- qual, that had engaged themselves at different Rates, and upon unequal Terms. The great and principal Mischiefs arose from several concurring Circumstances; From the hard Terms of most of the Proprietors, occasion'd by the high Prices at which they had pur- chased Stock, or the excessive Rates at which, as well the Proprietors of publick Debts, as the Mony- Subscribers, had obliged themselves to take Stock; From the Demand of above Seven Millions payable to the Publick, which could only be raised out of the Properties of those that were already too great Sufferers, and which rendred the Company incapable of giving them any further Ease or Relief; From the Disputes and Contests at Law, which were preparing to be carry'd or, not only between the Company and the Subscribers of the Redeemable Funds, but between infinite Numbers ct private Perfons ingaged in Contracts for the Sale and Purchase of Stock and Subscriptions; From the impossibility of the Money subscribers making any further Payments; From rhe great Loss the Company had sustained by the late Directors having lent out above Eleven Millions of the Company's Money, without any, or without sufficient Security, and From the very little prospect of recovering any considerable Part thereof, without which it was impossible for the Company to comply with the Demand of the Publick, but at the infinite Expence, and insupportable Loss, of all their Adventurers, which must have prov'd destructive to the Trade and Credit of the Kingdom. These Considerations induced us to come to the foregoing Resolutions ; being, as we con- ceive, the most proper Means to enable the Company to give Relief to such of their Propria- tors as most wanted and deserved it; to put an end to all Disputes at Law; and to fix, settle, and ascertain the several Properties and Interests of all Persons concerned with the South Sea Company; to deliver infinite Numbers of Your Majesty's good Subjects from the Apprehension of vexatious Law Suits and Prosecutions, and from the further Demand of such excessive Sums of Money as must sink and depress all publick and private Credit. And as the greatest Mischiefs, which we now so justly complain of, have arisen from the un- warrantable Methods used by the late Directors of the South Sea Company, in selling and dispos ing of such Part of their increased Capital Stock as belonged to the Company; To remove such a Foundation of Stock- Jobbing, and to prevent the like fatal Consequences for the future, we thought it necessary to take care, That all the increased Capital Stock belonging to the Com- pany, which, after the proposed distribution is made, shall remain undisposed of, be divided among all the Proprietors of the said Company, in proportion to their several and respective Interests. . These Resolutions, if passed into a Law, and duly put in Execution, we humbly hope will tend very much to the re- establishing of Publick Credit, to the quieting of the Mindsol Your Majesty's Subjects, and contribute to the Ease and Relief of great Number.', though not suf- ficient to give Satisfaction to, or repair the Losses of, all that are unhappily involved in the pre- sent Calamity. But as the ancient Usage, and established Rules of Parliament, make it impracticable for UJ to prepare Bills for the Royal Assent, during the present Session of Parliament, for some of the purposes contained in our Resolutions, We have humbly presumed to lay the same before Your Majesty for Your Royal Consideraiion; not doubting but that Your Majesty will, out of Your great Widom and accustomed Grace and Goodness to Your People, as soon as the publick and private Bills, now depending in Parliament, shall be dispatched, give us an early Opportunity of perfeCting this great and necessary Work. JDrrerttee of an Order of the Houfe of Commons, I da appoint Jacob Tonson, Bernard Lintot, and William Taylor to Print this Address and that no other Person presume to Print the same. SP. COMPTON, Speaker. L0ND0N: Printed for J. Tonson in the Strand, B. Lintot in Fleet- street, and W. Taylor In Pater noster- Row, 1721. ( Price 2d.)
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